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International Internet Magazine. Baltic States news & analytics Thursday, 23.09.2021, 17:30

Lithuanian LNG Terminal is stimulating competition

Petras Vaida, BC, Vilnius, 10.02.2016.Print version
In the end of last week, the operator of the Lithuanian liquefied natural gas (LNG) terminal – Klaipėdos nafta AB – signed two new agreements on the use of terminal capacities with the largest gas market players: Achema and Lietuvos dujų tiekimas. The new agreements serve as a proof to the markets that the gas price offered by Norwegian gas company Statoil for 2016 was lower than the price offered by Russian gas company Gazprom, reports BC Birutė Jocaitė from the Energy Ministry.

'It is a clear signal for Lithuania and all the other Baltic States that the LNG terminal operating in Lithuania not only ensures effective logistics chain but also creates necessary prerequisites for importing natural gas at competitive prices. Unique technological regasification capacity of the LNG terminal enables timely and effective response to market changes, changing needs as well as ensures the ability of the LNG suppliers to compete with the gas company Gazprom', Minister of Energy Rokas Masiulis highlighted the benefits of the LNG terminal for Lithuania and the whole Baltic Region.

 

The new agreements on the use of the LNG terminal capacities were signed for the term ending on 30 September 2016. During this term, the three users of the LNG terminal: LitGas UAB, Achema AB, and Lietuvos dujų tiekimas UAB will be supplied with 12 LNG carriers, which should satisfy up to 50% of the yearly demand of Lithuania, i.e. about 1,15 billion cubic meters of gas.

 

It must be noted that significant demand for LNG import that formed as early as during the second year of the LNG terminal operation proves that the optimum technological concept was chosen, which allows to ensure the most effective LNG supply structure in terms of costs. The storage capacity of the terminal of 170,000 cubic meter is equal to the capacities of standard gas carriers, while the capacity of the regasification unit ensures supply to the system of the quantities needed by the market.






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